Roundtable on Rule 611 of Regulation NMS

Trade Protection Rules and Regulatory Framework

The Securities and Exchange Commission will hold a public roundtable on December 16, 2025, to discuss Rule 611 of Regulation NMS and other associated rules and regulatory requirements. This roundtable follows the SEC's September 18, 2025, Roundtable on Trade-Through Prohibitions, continuing examination of trade execution requirements and market structure implications for National Market System stocks.

Roundtable Focus

This event addresses Rule 611's trade-through prohibition applicable to National Market System (NMS) stocks and related regulatory requirements. The roundtable provides a platform for examining current market structure rules and their effectiveness in protecting order execution quality while considering potential modifications or enhancements to existing frameworks. Discussion will build upon insights gathered during the earlier September roundtable on trade-through prohibitions.

Event Details

The roundtable will be held at the University of Austin's Scarbrough Building, located at 522 Congress Avenue, Austin, Texas. The event is open to the public, though in-person participation may be limited. Registration is required for in-person attendance, and visitors will be subject to security checks. Information regarding the roundtable's agenda and speakers will be posted before the event.

Public Comment Opportunity

Members of the public may submit views on the current Rule 611 trade-through prohibition applicable to NMS stocks electronically or on paper. Comments should be submitted using one method only and will become part of the public record, posted on the SEC's website without change or redaction of personal identifying information. All submissions should reference File Number 4-862.

Electronic submissions can be made through the SEC's online submission form or via email to rule-comments@sec.gov with "File Number 4-862" in the subject line. Paper comments should be sent to Vanessa Countryman, Secretary, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1090.

What to Expect

This roundtable facilitates substantive discussion on Rule 611's trade-through prohibition and associated regulatory requirements, examining how current frameworks function in modern market structures. Participants will explore potential improvements to execution quality protections while considering market efficiency and regulatory effectiveness. The event enables regulators, market participants, and the public to engage with critical questions about order protection rules and their role in ensuring fair and orderly markets.